Pamrod Manufacturing acquired all the assets and liabilities of Stafford Industries on January 1, 20X2, in exchange for 4,000 shares of Pamrods $20 par value

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Pamrod Manufacturing acquired all the assets and liabilities of Stafford Industries on January 1, 20X2, in exchange for 4,000 shares of Pamrods $20 par value common stock. Balance sheet data for both companies just before the merger are given as follows:

	Pamrod Manufacturing								Stafford Industries
Balance Sheet Items	Book Value				Fair Value				Book Value				Fair Value
Assets
Cash	$	83,000			$	83,000			$	21,000			$	21,000
Accounts Receivable		115,000				115,000				58,000				58,000
Inventory		204,000				378,000				103,000				157,000
Land		62,000				95,000				52,000				29,000
Buildings & Equipment		604,000				556,000				406,000				343,000
Less: Accumulated Depreciation		(234,000	)							(149,000	)
Total Assets	$	834,000			$	1,227,000			$	491,000			$	608,000
Liabilities & Equities
Accounts Payable	$	60,000			$	60,000			$	6,000			$	6,000
Bonds Payable		319,000				329,000				157,000				144,000
Common Stock:
$20 par value		182,000
$5 par value										83,000
Additional Paid-In Capital		21,000								19,000
Retained Earnings		252,000								226,000
Total Liabilities & Equities	$	834,000							$	491,000

Pamrod shares were selling for $140 on the date of acquisition. Required: a. Prepare a Journal entry to record the acquisition in Pamrods books. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)